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Buying a home in Keymar begins here

Keymar is by far one of the best places to live in Maryland. There's a lot of enjoy in Carroll County and one of those things is absolutely the affordable homes! Maryland has a lot to offer and Keymar and Carroll County are no different. What is different though is that homes are typically cheaper in this area than they are compared to the average for the state of Maryland. City-Data reports that detatched homes are about $30,000 less in Carroll County compared to the state average.

Keymar is known for beautiful and defined seasons

The dream of the north region

Keymar is a residential area in Maryland that is home to thousands. Families interested in moving to Keymar can take full advantage of the low cost of living. There's a great sense of community in Keymar and Carroll County. City-Data reports that almost 90 percent of the farms are operated by a family or individual. The majority of the homes are family-owned as well with 88 percent of the homes in Carroll County being family households. This helps create some great neighborhood attributes by making communities more warm and friendly. These close knit communities also help increase the safety in a town by having everyone be more comfortable with one another and with more people caring for another. Keymar truly is a great place to live and work. The average commute time for work is only 34 minutes in Carroll County.

Keymar homebuying is easy from mortgage to move-in

Low rates and a seamless application make it simple, easy and fast

Keymar is a lovely place to live and the affordability helps families with a variety of budgets call it home. The American Dream is truly possible in Keymar. Trulia reports that there are plenty of different types of homes across a wide range of prices. It's up to you to sort through all of those and find the one you love, which may take a while because of how many great homes are available! Maryland continues to see median home values grow year after year, so now really is the best time to invest in your future in Keymar and reap the benefits of the expected growth.

Common Questions About Buying a Home in Keymar

All The Answers You Need to Settle Down Sooner

Should I choose a fixed or adjustable rate?

It depends how long you expect to stay in the home. Adjustable rates are good for people who may not be in the home long, whereas fixed rates are ideal for people who are confident of settling in.

Do I need a home appraisal?

Probably—in most cases, the homebuyer must use an appraiser to evaluate the value of the home. Appraisal costs vary depending on the value of the property, as well as the state the house is in. Buyers cannot choose their own appraiser—the bank makes the decision.

What is PMI?

Private mortgage insurance (PMI) is required when a homebuyer makes a down payment of less than 20%, or when a borrower refinances with less than 20% equity in the home. PMI fees vary according to your down payment and credit score, and adds a premium to your monthly mortgage payment. Please note, PMI is tax-deductible in 2015 and 2016 for certain income brackets.

What does Loan-to-Value mean?

Loan-to-Value (LTV) is the percentage of your home’s value that your loan represents. When refinancing, the calculation is simply the loan amount divided by the appraised value. When buying a home, the LTV is found by dividing by either the purchase price or appraised amount, whichever is lower. When the LTV is less than 80%, the lender generally requires PMI.

For example:

Purchase price: $100,000
Down payment: $15,000
Loan amount: $85,000
Appraised value: $110,000
LTV: $85,000/$100,000 = 85%

What are closing costs?

Closing costs are standard fees associated with a real estate transaction. You will typically pay about 2-5% of the purchase price in closing costs—the exact amount depends on where you are buying (or refinancing), as well as number of extra fees involved in your particular transaction. Earnest charges no lender fees, so the borrower is only responsible for 3rd-party fees.

What should I consider before refinancing my mortgage?

Refinancing your home loan is an attractive option when rates are low. A simple rate and term refinance can help you lower your monthly payment and potentially eliminate your PMI premium, as long as you have built up enough equity in the home. You might also use a cash-out refinance to access some of the equity you’ve built up in the home (which may result in a higher monthly payment on your new loan).

However, keep in mind that refinancing a mortgage does involve several fees (closing costs). Before refinancing, you should calculate the ‘break-even’ point at which your refinanced loan makes up for the closing costs. If you plan to leave your home before this time, it’s better to stay with your current mortgage.

Knowledge Is (Buying) Power

Further Resources from the Earnest Blog

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The intelligent home loan

When it comes to finding the right home loan, Earnest works hard to ensure that the process pain-free. We use an industry-leading and intuitive online-only application (meaning most times no scanner or fax machine required), a 5-star client service team, and a unique rolling pre-approval that stays current while you track down that perfect home. At Earnest, the home loan process is like no other.